2023 is set to be an interesting year for the UK retail market. The recovery following the Covid-19 pandemic is still ongoing, but the outlook for the year ahead and the future beyond that has many positive aspects.
Knight Frank’s economic projections for retail show a 3% rise over 2023, with much focus on the larger retailers and their plans for expansion. These retailers have been helped by the change to business rates in April 2023 which are estimated to lead to an average rate reduction of 10% - but what about smaller retailers?
Despite the Office for National Statistics recording an overall 0.5% rise in retail sales over April 2023, it is true that smaller retailers face a lot of challenges. Between online shopping and the cost of living crisis, many smaller businesses are struggling.
One major exception is the second-hand market which is booming and predominantly occupied by these same small retailers. Research from Statista shows that there are approximately 3,800 stores specialising in second-hand goods in the UK following growth of more than 27% in 2021 and then a strong 2022.
The aforementioned cost of living crisis and people’s growing desire to live a more sustainable life have combined to make this market bigger than ever – and smaller retailers in the sector are seeing the benefits.
For example, take the second-hand clothing market. Analysis from GlobalData shows that the UK’s clothing resale market grew 149% between 2016 and 2022, with another 67.5% growth expected by 2026.
What’s more, this market looks like it has staying power given that it is becoming increasingly popular among younger buyers. Recent research from Boston Consulting Group and resale site Vestiaire showed that almost a third of people in “Generation Z” are most likely to buy clothing second-hand, and they were closely followed by people classified as “Millennials”.
That is just one sector covered by the vintage market, and it is a great indicator of things to come. A lot of this shopping is done online, but an increasing amount is done in person in line with people’s desire to live in a more sustainable, environmentally friendly way.
One of the places benefitting from this are dedicated indoor markets which specialise in vintage goods. These are well placed to take advantage of the improving retail outlook in the UK and the increased interest in vintage goods – making them an interesting proposition for businesses.
The market stalls available at Bygone Times are an excellent example of this principle in action. Bygone Times is a unique antique and vintage retail shopping centre in Chorley, Lancashire which is occupied by a huge range of businesses in this sector.
Originally constructed in the early 1900s, Bygone Times is now one of the UK’s most vibrant and popular vintage shopping sites which is growing in popularity consistently as retail trends and the desires of consumers work in its favour, making it an unmissable opportunity for vintage and antique resale businesses to get their products in front of the exact customers most motivated to buy.
Located conveniently close to both the M6 and the M61, Bygone Times has a substantial catchment area that businesses can make the most of, including Manchester and Liverpool – two UK cities with young, affluent populations which are the ideal target market for vintage and antique businesses.
The trade counter market has flourished in recent years. As other opportunities in the retail market have become more complex and expensive, trade counters like those found in Bygone Times have increased their standing as a simple, quick way to get your product in front of customers. For quickly growing niches like the vintage market, this is even more the case.
Market stalls at Bygone Time are available now and could be perfect for your vintage, antique or memorabilia business. Want to learn more and find out how you can benefit from a stall at Bygone Times? Click here for more information today.
